Vancouver, B.C. – Independence Gold Corp. (TSX.V: IGO) (the “Company”) wishes to announce that a first tranche (the “First Tranche”) of its previously announced non-brokered private placement (the “Offering”) raising proceeds of $800,000 in flow-through funds (the “Flow-Through Funds”) from the issuance and sale of an aggregate of 5,000,000 flow-through common shares (the “FT Common Shares”) at a price of $0.16 per FT Common Share, has closed.
In connection with the closing of the First Tranche, the Company paid a finder’s fee of $24,000 cash and issued 300,000 finders compensation options (“Finder’s Options”) to Leede Jones Gable Inc., representing 3% of the Flow-Through Funds in cash and 6% of the FT Common Shares in Finder’s Options. Each Finder’s Option entitles the holder to purchase one common share of the Company at a price of $0.20 per common share until December 21, 2022.
In accordance with applicable securities legislation, all securities issued pursuant to the First Tranche are subject to a hold period of four months plus one day from the date of the completion of the First Tranche.
The Flow-Through Funds will be used by the Company to incur for “Canadian exploration expenses” as defined by the Income Tax Act (Canada) at its 3Ts Property, as well as its Merit and Nicoamen properties in British Columbia, Canada.
The Company expects the balance of the Offering to close on or before December 31, 2020.
ON BEHALF OF THE BOARD of Independence Gold Corp.
“Randy Turner”
